The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK

    2022-01-19 news 2

    UK’s Financial Conduct Authority (FCA) has called out EU firms operating in the UK to meet their standards to remain in the temporary permissions regime (TPR).

    On Tuesday, 18 January 2021, the UK Financial Conduct Authority made an announcement to inform European firms operating their businesses in the UK that they must meet the FCA’s standards to remain in the temporary permissions regime (TPR).

    In order to reduce the impact of Brexit on businesses, the UK government created the temporary permissions regime for firms based in the European Economic Area (EEA), which comprises all European Union (EU) countries, including Iceland, Liechtenstein, and Norway.

    With the temporary permissions regime, the firms based in these countries that were previously not able to operate in the UK before the end of the Brexit transition period (31 December 2021) were enabled to operate temporarily.

    However, in the statement on Tuesday, the FCA confirmed the approach it will take for European firms temporarily operating in the UK. The FCA said that the TPR is only applicable to firms that are willing to continue operating in the UK in the long term and are able to meet the FCA’s standards in doing so.

    On the other hand, companies that fail to comply with these rules, including failure to fulfill mandatory information requests or lack of intentional application for full authorization, will be stopped from continuing business and could be dismissed from the TPR entirely.

    The FCA also shared that it has already canceled the permissions of 4 firms for not responding to the mandatory information requests, despite the authority asking them multiple times. As a consequence, these 4 firms are no longer allowed to do conduct business operations in the UK and will face criminal proceedings if they attempt to do so.

    Emily Shepperd, executive director of authorizations at the FCA, said: “The U.K. is open for business, but not to firms who do not meet our regulatory expectations. We expect firms operating under the regime to be responsive to our requests for information, and that are coherent in their business planning. We will continue to act against firms that fail to meet our standards.”

    Suggested read: FCA Spends $650K to Beef up its AML Control for the Crypto Industry

    Related Posts

    News

    Canada’s Federal Agencies to Consult on Anti-Money Laundering and Counter-Terrorism Measures

    The Canadian government has launched a public consultation to strengthen the country’s anti...

    Canada’s Federal Agencies to Consult on Anti-Money Laundering and Counter-Terrorism Measures Explore More

    News

    FinCEN Proposes the Designation of Eligible Customers as Exempt Person

    As a part of the Paperwork Reduction Act of 1995, the Financial Crime Enforcement Network (FinCEN...

    FinCEN Proposes the Designation of Eligible Customers as Exempt Person Explore More

    News

    CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure

    Maitland Luxembourg SA received a penalty of €226,000 over anti-money laundering and customer due...

    CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure Explore More

    News

    FCA Issues Report on Progress of Professional Body AML Supervision (OPBAS)

    The report has highlighted key areas of improvement, including effective implementation of a risk...

    FCA Issues Report on Progress of Professional Body AML Supervision (OPBAS) Explore More

    News

    GFI Study Reveals Weak AML/CFT Measures in Latin America and the Caribbean

    The latest study by Global Financial Integrity (GFI) revealed that the Caribbean and Latin Americ...

    GFI Study Reveals Weak AML/CFT Measures in Latin America and the Caribbean Explore More

    News

    TSB Fined $3.5M on Account of Four AML Breaches

    New Zealand’s High Court has fined Trustee Savings Bank (TSB) Ltd NZD 3.5 million following the b...

    TSB Fined $3.5M on Account of Four AML Breaches Explore More

    News

    Face Detection Tool to Fight Bots Under Trial by Facebook

    Facebook is currently battling a $35 billion class-action lawsuit for alleged misuse of facial re...

    Face Detection Tool to Fight Bots Under Trial by Facebook Explore More

    News

    FATF meeting scheduled to discuss VASPs compliance

    The Financial Action Task Force (FATF) has scheduled a plenary meeting on June 24 to monitor the ...

    FATF meeting scheduled to discuss VASPs compliance Explore More

    News

    France to Implement Stringent Regulations on Cryptocurrency

    France is planning on regulations that abolish the anonymity in cryptocurrency. Financial authori...

    France to Implement Stringent Regulations on Cryptocurrency Explore More

    News

    UAE to Include Crypto Framework in their 2021 Business Agenda

    The financial watchdogs in the UAE are looking towards developing a detailed crypto framework in ...

    UAE to Include Crypto Framework in their 2021 Business Agenda Explore More

    News

    Taiwan Bans Four Foreign Banks for Breaching FX Regulations

    The Central Bank of Taiwan has penalized four foreign banks for assisting 8 major grain companies...

    Taiwan Bans Four Foreign Banks for Breaching FX Regulations Explore More

    News

    DFSA and Financial Intelligence Collaborate to Combat Financial Crime in UAE

    Memorandum of Understanding (MoU) between the Dubai Financial Services Authority (DFSA) and the F...

    DFSA and Financial Intelligence Collaborate to Combat Financial Crime in UAE Explore More

    News

    UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing

    UAE’s Executive Office to Combat Money Laundering and Terrorist Financing has claimed to collect ...

    UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing Explore More

    News

    FinCEN Releases Final Rule to Implement Beneficial Ownership Reporting Requirements

    US Treasury Department’s FinCEN has issued a highly anticipated final rule for the implementation...

    FinCEN Releases Final Rule to Implement Beneficial Ownership Reporting Requirements Explore More

    News

    Bank of Spain Issues New Cryptocurrency Regulations

    Virtual asset service providers, banks, and other financial institutions are now required to regi...

    Bank of Spain Issues New Cryptocurrency Regulations Explore More

    News

    Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report

    According to the Police, 725 cases of investment scams occurred within the first seven months of ...

    Hong Kong Sees 20-fold Spike in Investment Scam Losses – Report Explore More

    News

    Kount integrates AI software for immediate identity verification

    Kount, a fraud prevention firm is planning on introducing the Identity Trust Global Network for t...

    Kount integrates AI software for immediate identity verification Explore More

    News

    UAE Central Bank Fines Firm $490,000 for Violating AML/CFT laws

    The UAE’s Central Bank has charged a financial firm Dh1.8 million ($490,000) over breaching the c...

    UAE Central Bank Fines Firm $490,000 for Violating AML/CFT laws Explore More

    News

    Central Bank of UAE Issues New AML Guidelines to Mitigate Payment Fraud Risks

    The Central Bank of UAE has issued new anti-money laundering guidelines to prevent payment frauds...

    Central Bank of UAE Issues New AML Guidelines to Mitigate Payment Fraud Risks Explore More

    News

    Asia/Pacific Group on Money Laundering Releases 2021 Typologies Report

    The report has highlighted areas of high priority that need further study and the risks associate...

    Asia/Pacific Group on Money Laundering Releases 2021 Typologies Report Explore More

    News

    Australians Lost a Record Amount of Over $3 Billion to Scams in 2022

    The Australian Competition and Consumer Commission (ACCC) revealed that Aussies lost more than $3...

    Australians Lost a Record Amount of Over $3 Billion to Scams in 2022 Explore More

    News

    Kansas Reports Highest Number of Identity Theft Cases in 2020

    New research conducted reveals that Kansas State has been ranked at number one for having the mos...

    Kansas Reports Highest Number of Identity Theft Cases in 2020 Explore More

    News

    FinTech Market Gaining Traction in Asia, Slowing Down in US

    The Financial Technology (FinTech) market is booming in Asia, especially in China according to a ...

    FinTech Market Gaining Traction in Asia, Slowing Down in US Explore More

    News

    Swiss Watchdog FINMA Mandates AML Policies on Crypto

    The new legislation is trying to combat money-laundering following a series of major scandals in ...

    Swiss Watchdog FINMA Mandates AML Policies on Crypto Explore More

    News

    Switzerland Introduces New Regulations To Clamp Down on Money Laundering

    Switzerland proposed new Anti-Money Laundering (AML) regulations to crack down on money launderin...

    Switzerland Introduces New Regulations To Clamp Down on Money Laundering Explore More

    News

    Kuwait’s Ministry of Social Affairs to Amend the Executive Law to Fight Money Laundering and Terrorism

    Kuwait’s Ministry of Social Affairs is currently reviewing a proposal to amend the executive regu...

    Kuwait’s Ministry of Social Affairs to Amend the Executive Law to Fight Money Laundering and Terrorism Explore More

    News

    Chinese Police Seize $124M Money Laundering Scam in Zunyi City

    The money laundering gang was able to conceal its fraudulent activities for a while by using 500 ...

    Chinese Police Seize $124M Money Laundering Scam in Zunyi City Explore More

    News

    US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout

    Elizabeth Warren, US Senator and a longtime bitcoin skeptic has shared her views about the upside...

    US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout Explore More

    News

    South Africa links fintech startups with financial regulators

    South Africa’s financial regulators have initiated the Inter-governmental Fintech Working Group (...

    South Africa links fintech startups with financial regulators Explore More

    News

    Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure

    The gambling operator, Resorts World Sentosa (RWS), was fined by Singapore’s Gambling Regulatory ...

    Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure Explore More

    News

    The SEC Uncovers a Pyramid Scheme and Charges Multiple Individuals

    The U.S. regulatory authority SEC uncovered a crypto pyramid scheme that stole approximately US$2...

    The SEC Uncovers a Pyramid Scheme and Charges Multiple Individuals Explore More

    News

    The Biggest Theft in Crypto History: $600 Million Stolen

    Binance and Tether have also joined the recovery plan to help minimize the consequences of the at...

    The Biggest Theft in Crypto History: $600 Million Stolen Explore More

    News

    SEC Chair Gary Gensler Turns to Congress to Address Crypto Wild West

    SEC Chairman stresses the need for proper checks on crypto exchange platforms, given the volatili...

    SEC Chair Gary Gensler Turns to Congress to Address Crypto Wild West Explore More

    News

    Jamaica Plans Digital Marketplace to Trigger CBDC Adoption

    Jamaica Observer reported that the CBDC project would improve performance metrics related to JAM-...

    Jamaica Plans Digital Marketplace to Trigger CBDC Adoption Explore More

    News

    UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance

    The UAE’s Ministry of Economy now starts the inspections of Designated Non-Financial Businesses a...

    UAE Starts to Scrutinize Businesses to Ensure KYC/AML Compliance Explore More

    News

    Illicit Betting Report by the UK’s Gambling Industry Misguided the Regulators

    UK’s Gambling Firms are being accused of exaggerating the numbers on the black market betting rep...

    Illicit Betting Report by the UK’s Gambling Industry Misguided the Regulators Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Explore More

    News

    FIAU Charges ECCM Bank €310,000 for Weak AML Controls

    FIAU charged Silema-based ECCM Bank €310,000 over failings in money laundering controls, revealin...

    FIAU Charges ECCM Bank €310,000 for Weak AML Controls Explore More

    News

    Southern District of New York Alleges Danske Bank against Serious AML Scandal

    SDNY sentences Danske Bank with three years of probation on the tale of whistleblowing and mislea...

    Southern District of New York Alleges Danske Bank against Serious AML Scandal Explore More

    News

    Central Bank of Nigeria Lifts Limit on $10k Deposits for Domestic Account Holders

    Domestic account holders of Nigeria will be able to access the funds in their accounts without hi...

    Central Bank of Nigeria Lifts Limit on $10k Deposits for Domestic Account Holders Explore More

    News

    Australian Law Council Reports Reveals Risks in Legal Attorney’s AML Measures

    The Australian Law Council revealed a report that shows loopholes in attorneys’ compliance ...

    Australian Law Council Reports Reveals Risks in Legal Attorney’s AML Measures Explore More

    News

    e-KYC services introduced in Malaysia by InstaREM

    Residents and expatriates in Malaysia can now make overseas payments safely and regularly through...

    e-KYC services introduced in Malaysia by InstaREM Explore More

    News

    Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings

    The Dutch Central Bank (DeNederlandscheBank) has charged Coinbase for having ineffective anti-mon...

    Dutch Central Bank Strikes Coinbase with €3.3 Million Fine over Anti-Money Laundering Failings Explore More

    News

    Aussies Lost Record-breaking $851 million During COVID-19: ACCC Reports

    Amid the pandemic, Australians lost a record-breaking amount of $851 million in 2020. According t...

    Aussies Lost Record-breaking $851 million During COVID-19: ACCC Reports Explore More

    News

    EU Strengthens Capacity of CSOs to Combat Money Laundering & Improve Governance

    The European Union (EU) is working on boosting the capacity of more than 200 Civil Society Organi...

    EU Strengthens Capacity of CSOs to Combat Money Laundering & Improve Governance Explore More

    News

    FinCEN Calls in Bankers to Assess AML/CFT Risks in DeFi

    The Financial Crimes Enforcement Network (FinCEN) is focusing on DeFi oversight as government bod...

    FinCEN Calls in Bankers to Assess AML/CFT Risks in DeFi Explore More

    News

    ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE

    The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE’s Accountants &am...

    ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE Explore More

    News

    CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion

    CTFC charges a South African pool operator Steynberg for the largest fraud case in the region inv...

    CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion Explore More

    News

    UAE Arrests Gupta Brothers As Part of Efforts to Combat Money Laundering

    The UAE has arrested the internationally wanted Gupta brothers who were charged for money launder...

    UAE Arrests Gupta Brothers As Part of Efforts to Combat Money Laundering Explore More

    News

    FINMA Penalizes Swiss Bank over Money Laundering of $78 Million

    The Swiss regulatory authority, FINMA, initiated a lawsuit against the senior management at Juliu...

    FINMA Penalizes Swiss Bank over Money Laundering of $78 Million Explore More

    News

    Roll-out of vital banking fraud check postponed again due to Coronavirus

    A crucial banking security check that could avert the loss of millions of pounds to internet frau...

    Roll-out of vital banking fraud check postponed again due to Coronavirus Explore More

    News

    Mimecast reports a 26.3% increase in spams and opportunist cybercrimes during the first 100 days of COVID-19

    With the current pandemic going on, cybercriminals are taking advantage of the situation escalati...

    Mimecast reports a 26.3% increase in spams and opportunist cybercrimes during the first 100 days of COVID-19 Explore More

    News

    Regulators in Hong Kong Urge Banks to Accept Cryptocurrencies

    Hong Kong banks are worried about regulatory repercussions for their crypto clients if money laun...

    Regulators in Hong Kong Urge Banks to Accept Cryptocurrencies Explore More

    News

    PayPal is hiring crypto engineers amid rumors of Bitcoin integration

    Crypto and blockchain experts are being hired by Paypal as rumors circulate that the global payme...

    PayPal is hiring crypto engineers amid rumors of Bitcoin integration Explore More

    News

    6 members charged with Fraud in China for involvement in Multi-billion Dollar Plustoken Scam

    Six alleged members of Plustokem scam were prosecuted according to the court filing submitted on ...

    6 members charged with Fraud in China for involvement in Multi-billion Dollar Plustoken Scam Explore More

    News

    The IRS Issues Last Minute-Warning To Avoid Tax Penalties

    A new warning has been issued by the IRS with the introduction of an identity protection pin that...

    The IRS Issues Last Minute-Warning To Avoid Tax Penalties Explore More

    News

    Media Industry Suffer Huge Increase in Cyber-Attacks

    The media industry is increasingly under the threat of cyberattacks. It suffered 17 billion crede...

    Media Industry Suffer Huge Increase in Cyber-Attacks Explore More

    News

    The Philippines Introduces Crypto Guidelines Against Financial Crimes

    The Philippines Monetary Board (MB) has approved the guidelines regarding the virtual assets serv...

    The Philippines Introduces Crypto Guidelines Against Financial Crimes Explore More

    News

    Regulators Seize First Republic Bank and Sell a Portion of Assets to JPMorgan

    Regulators seized First Republic Bank and sold a portion of its assets to JPMorgan Chase. This is...

    Regulators Seize First Republic Bank and Sell a Portion of Assets to JPMorgan Explore More

    News

    Swiss FinTech Firm LeonTeq ‘Strongly Refutes’ Allegations of Suspicious Transactions

    Swiss FinTech firm LeonTeq has rejected allegations of suspicious transactions with possible link...

    Swiss FinTech Firm LeonTeq ‘Strongly Refutes’ Allegations of Suspicious Transactions Explore More

    News

    Japan’s Airports Run Face Verification Trials for Passenger Onboarding

    Tokyo’s Narita airport is running trials for a face recognition system for international travelle...

    Japan’s Airports Run Face Verification Trials for Passenger Onboarding Explore More

    News

    US Senator Challenges the Proposed Crypto Regulations of FinCEN & FATF

    Pat Toomey, the US Senator, has requested Treasury Secretary Janet Yellen to “make significant re...

    US Senator Challenges the Proposed Crypto Regulations of FinCEN & FATF Explore More

    News

    Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes

    China’s top courts are set to impose heavier punishments to prevent financial crimes and mitigate...

    Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes Explore More

    News

    Facebook and LinkedIn follow Twitter’s suit demanding Clear view AI to stop scrapping user images

    The previous month, after NewYork Times’ critical report on the facial recognition tech of Clearv...

    Facebook and LinkedIn follow Twitter’s suit demanding Clear view AI to stop scrapping user images Explore More

    News

    Egypt to Enact Updated AML Legislations and Develop Action Mechanisms to Curb Financial Crimes

    Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU) is all set to enact revi...

    Egypt to Enact Updated AML Legislations and Develop Action Mechanisms to Curb Financial Crimes Explore More

    News

    FinCEN and Federal Reserve Board Reducing the Bar for International Transactions

    The FinCEN and Federal Reserve Board are planning to reduce the threshold for international trans...

    FinCEN and Federal Reserve Board Reducing the Bar for International Transactions Explore More

    News

    Deutsche Bank Subordinate DWS Fined $25 Million for AML Violations

    In the latest enforcement action, the Security Exchange Commission (SEC) has fined $25 million to...

    Deutsche Bank Subordinate DWS Fined $25 Million for AML Violations Explore More

    News

    Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks

    LONDON – Global regulators have suggested greater scrutiny of clearinghouses managing trill...

    Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks Explore More

    News

    Phishing attacks hidden in Google Cloud Services

    Cybercriminals are concealing phishing efforts behind legitimate resources like google cloud serv...

    Phishing attacks hidden in Google Cloud Services Explore More

    News

    Over Dh3 billion Confiscated from Firms violating AML Laws in UAE

    The UAE has plans to take a strict stance on firms operating in the region over money laundering ...

    Over Dh3 billion Confiscated from Firms violating AML Laws in UAE Explore More

    News

    Japan Considers Facial Recognition to Trace Contact at Large Scale Events

    According to the Japan Times report, the country is planning to introduce facial recognition at l...

    Japan Considers Facial Recognition to Trace Contact at Large Scale Events Explore More

    News

    ProtonMail added an encrypted calendar to its encrypted Gmail competitor

    Previous year Google faced a hefty fine of $170 million by the Federal Trade Commission following...

    ProtonMail added an encrypted calendar to its encrypted Gmail competitor Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started